Follow Greece Immigration, focus on Greek Economic dynamics: The Greek government released the 2014 budget draft on Monday (October 7), expecting the country to break away from the economic recession that has lasted for six years in 2014.
The budget draft expects that, thanks to the rebound in investment and export sectors, Greece's Gross Domestic Product (GDP) will grow by 0.6% in 2014. Greek Deputy Finance Minister Christos Staikouras said while disclosing the country's 2014 budget draft that the country's GDP will decline by 4% in 2013.
The budget draft points out that after achieving a basic budget surplus of at least 340 million euros in 2013, the basic budget surplus as a share of GDP is expected to increase to 1.6% in 2014. Whether Greece can achieve a basic budget surplus in 2013 will become the key to the country's further obtaining debt relief from international creditors.
The above budget draft aims to reduce the Greek government's budget deficit as a share of GDP to 2.4% in 2014, while public debt as a share of GDP may reach 174.5%.
The above budget draft also expects that the country's unemployment rate may fall back to 26% in 2014.
Staikouras pointed out in the draft that the country will ask international creditors to acknowledge the efforts made by the country in fulfilling its debt obligations.
Since Greece broke out in a debt crisis in 2009 and applied for international aid, the country's economy has shrunk by about 25%. The above 2014 budget draft means that Greece has already left the worst stage of the debt crisis behind.